Saudi to host joint Arab-Islamic summit on Gaza crisis
Riyadh, Saudi Arabia - Saudi Foreign Ministry said on Saturday that the Kingdom will hold a joint Arab Islamic extraordinary...
Geostrategy
Business
CBUAE to start new terms for credit and liquidity facilities
The Central Bank of the UAE will introduce a new set of terms and conditions for its standing credit and...
- The new terms and conditions define the discretionary powers related to the activation of these facilities and the guidelines for collateral management
- In addition, the CBUAE may activate the Contingent Liquidity Insurance Facility in response to any actual or prospective stress of an exceptional nature
Economy
Iraq confirms distributing residential lands under Dari initiative
Iraqi Prime Minister Mustafa Al-Kadhimi has directed contracting with investment companies to build infrastructure in the areas where residential land...
- The “residential parts will be distributed”, and service buildings will be “built from health and school centers.
- During its meeting on September 22, 2021, the cabinet voted on the mechanism for the distribution of residential land.
Business
Sanad picks new CEO
Sanad, a subsidiary of Mubadala Investment Company, has appointed Mansoor Janahi as the new Group CEO.
- The appointment is a part of Sanad’s new plan to expand its business beyond the aerospace sector
- The strategy and leadership announcements follow the launch of "Operation AED300bn" last year
Business
Sharjah Shopping Promotions sees 40 percent more shoppers this season
The Sharjah Chamber of Commerce and Industry (SCCI) has seen off another season of the 48-day "Sharjah Shopping Promotions" campaign....
- The volume of purchases throughout the 48-day campaign grew by 25 percent.
- Some 653 shops and stores took part in the event, offering attractive discounts of up to 75 percent on leading brands and various types of goods
Economy
Second instalment of Sunref energy program launched in Palestine
Bank of Palestine (BOP) and Proparco in cooperation with the EU have jointly announced the signing of Sunref II Green...
- The purpose of SUNREF Green Finance Program is to provide solutions to promote energy efficiency and renewable projects.
- The program plays a crucial role in the Palestinian ecological system since energy services’ costs are high.
Business
Saudi Arabia receives investment of $2bn in cloud computing
In the last two years, Saudi Arabia has attracted more than $2 billion in investments in cloud computing according to...
- Saudi Arabia has implemented several initiatives to attract more foreign investments and encourage non Saudi companies including startups to invest in the Kingdom
- Many international companies announced plans to move their headquarters to Riyadh for investment opportunities
Business
DP World begins construction of Banana Port in Democratic Republic of Congo
DP World and Government of the Democratic Republic of the Congo (DRC) Tuesday laid the first stone to mark the...
- DP World and Congo government laid the first stone to mark the construction of the port capable of handling the largest vessels in operation.
- The port will have a container handling capacity of about 450 000 TEUs (20-foot equivalent units) per year, and a 30-hectare yard to store containers.
Business
Oman and Finland seek to boost business ties
Oman and Finland are looking to boost cooperation between the private sectors of two countries, particularly in the fields of...
- The meeting also highlighted aspects of enhancing cooperation between the private sectors of the two countries
- The Finnish minister underscored his country’s keenness in developing relations between the two countries
Business
Silal to deploy IoT sensors in 100 farms for improving productivity
Silal, Abu Dhabi-based food and agritech company, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, on Tuesday...
- Silal will collaborate with Hoogendoorn, one of the world’s innovators in horticulture.
- This project is aimed at enabling local farmers and advisors to make better decisions on irrigation, fertilization, and crop management to maximize locally-grown fresh produce.
Economy
UAE and UK look to upgrade economic ties
The United Arab Emirates and the UK have agreed to develop trade and economic relations between the two countries.
- The two parties highlighted the high level of bilateral relations between the UAE and the United Kingdom, and the joint desire in constantly developing these ties
- The two sides also praised the progress made in countering illicit financial flows
Company News
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Saudi Steel lands contract
Business
Raydan to cut capital by 53%
Business
UAE Minister, IMF Director discuss challenges facing MENA
UAE Minister of State for Financial Affairs Mohamed Hadi Al Hussaini met with Director of the Middle East and Central...
Geostrategy
ENEC, Atlantic Council sign three-year nuclear cooperation pact
Abu Dhabi, UAE--- The Emirates Nuclear Energy Corporation (ENEC) has signed a three-year agreement with the Atlantic Council to collaborate...
Geostrategy
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Business
ADEX signs line-of-credit pact with National Bank of Iraq
The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed a US$10...
- The agreement between ADEX and NBI aims to boost economic cooperation between the UAE and Iraq.
- The pact adds momentum to ADEX’s effort to contribute to the economies of both countries and support the UAE’s strategy on economic diversification.
Business
Saudi Arabia issues permits for projects worth US$1.1bn
Riyadh, Saudi Arabia—Saudi Arabia has issued permits for non-oil industrial projects worth $1.1 billion in August. The licenses issued in...
- The licenses issued in August were for chemicals, metals, machinery, furniture, home appliances and other light-medium products
- While 85 percent of the projects issued with permits were owned by locals, the remaining 15 percent were owned by foreigners or as joint ventures
Business
Emirates Steel Arkan Q3 net profit $28m
The net profit for the first nine months of 2022 was $104m.
- Revenues for the first nine months of 2022 rose to AED7.12 billion, while the revenues rose 29 percent to AED2.51 billion in the third quarter.
- The Group's Q3 2022 EBITDA gained 224 percent year-on-year (YoY) to AED269 million. The Group reported EBITDA of AED863 million.